As such, the company's third-quarter EPS of $0.40, which topped the Street's $0.37 estimate, was unable to offset a lower full-year guide or signs of extended off-highway OEM plant shutdowns heading into the company's fiscal 2017.
"We believe incremental weakness within the company's higher margin Enerpac business and additional volume pressure were the primary offsets to investor expectations," analyst Allison Poliniak-Cusic wrote in a note.
"However, with progress being made towards the $300 million EBITDA target by FY18 and strategic playbook for Industrial entering the implementation phase under new leadership, coupled with the company's strong cash generation, we maintain our positive outlook on shares," the analyst added.
The analyst adjusted the FY16/17 EPS estimates to $1.23 and $1.30 (previously $1.20/$1.35). in addition, the analyst raised the valuation range to $28–$30 from $25–$27.
Shares of Actuant closed Thursday's regular trading session at $24.90. Within the first hour of Friday's regular session, the stock was down 3.33 percent at $24.07.
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